Assume that a capital lease is initiated by a local governmental unit at 1/1/2021. The payments will be $100,000 per year at the end of each year. Assume that the net present value is $682,500. The implicit rate of interest is 3%. the journal entries for the lease incept on 1/1/2022 using the following assumptions: A governmental fund records the lease A proprietary fund records the lease
Assume that a capital lease is initiated by a local governmental unit at 1/1/2021. The payments will be $100,000 per year at the end of each year. Assume that the net present value is $682,500. The implicit rate of interest is 3%. the journal entries for the lease incept on 1/1/2022 using the following assumptions: A governmental fund records the lease A proprietary fund records the lease
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter20: Accounting For Leases
Section: Chapter Questions
Problem 9RE: Use the information in RE20-3. Prepare the journal entries that Richie Company (the lessor) would...
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Assume that a capital lease is initiated by a local governmental unit at 1/1/2021. The payments will be $100,000 per year at the end of each year. Assume that the
A governmental fund records the lease |
A proprietary fund records the lease |
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